90-18 Attachment - 89 Watchung Avenue-Mortgage Subordination Application Docs.pdf

Market Conditions Addendum to the Appraisal Report The nom st oF es aenchen ig prem othe ferret with & cher anf arcuhe unfertanming a fre mais hands aul concRinnes pa ertin the SAL eighn tion THisis a rnp vat abhvnchan fer cA pqs egurta with an afetive abe on ov ator Dg 6, 2008. Priety Ain 88 Watchung Ave: OY West Orenas Se aPcote OFO5% win _ Sandra & Swett Moje rrr Tar hu iat aa wa TH WP BT WN CVAD, AAT TNT pH TENE TORS hawt ponds se over meat coins as pate re Regt at ia age i. Te See et 1 ea wie eet aiken en rn cst pnt acs a ines a gud as en ara ak re une, ears russpeose wy el afi, Eisen pia ta a ety a wl Ae rt ed sea ain, Daoy, ae ind bea stn. Fas se ea th ie as get Fh rN he sper salt ei gad 2A ts vee Skt int us sents ann lesen aati conceit vat te wrk OS Uy apse a ht me Re usin, a se oh, coat, a a Fone, 24972 inernary ae jn ME Pion Fanart Carat a rte ‘Own Tram Fina wo rrgrbt es Fie) ae ae = (om = SY isahan ete s Sta 4100 52.00 2s Be Tewang —_[gjstae |) tecg Tow # ar CaTes AGRA A ‘Wok Buried By nua RO Np Oy a +4 i ars Heaing Suey (ead Leg Ra % ira hal duoc 35 ari GaUar ON SaTS Pio F-F2 ns Prins Girt Fee pt Carpe a pan <7m.68 794,900 ein Creare Sas hae 25 25 t Non Carpal Pa ep ra EY q 377,498 5 OT 100 100 o SRA oO we Ean ied Ww nome wan fre ae rc er Ne RE on RTs PETER uRe ya any Ga, ea + ue THE INSTRUCTION THE MC FORM ABOVE REQUESTS THAT COMPETE WITH THE SUBJEOT, HOWEVER, DUE TO THE LACK OF SIMILAR SALES THIS WORLD LEAD TO UNRELIABLE STATISTICAL BATA, THE APPRAISER EXPANDED THE SEARCH PARAMETERS IN ORDER TO C&T AN PROPER STATISTICAL OATA WHICH REFLECTS MARKET VALUES OVER THE PAST YEAR, THE USE OF THESE, SALES 15 BENEFICIAL AS. INDICATONSS FOR STATISTICAL DATA. HOWEVER, NOT ALL OF THESE. SALES ARE CONSIDERED SIMILAR TO THE SUBJECT AND WOULD BE UNFIT FOR COMPARABLE USE, os fab sis PEO afar a mart Cols Belton akin ics tee in igs and anki pe Although there ars some REO and foraciosure sales in the marketplane, thay do not appaar fo be driving the market st this point rom at GSMS aan ave roan agar yr ee sla he Tat Nmap TO jy RTO, Sw i ruse eng and expe wont tone Canalo UG OS i a ath jou emavine Market appears to be stable with supply and demand in balance. eerie s wins condannian Senate pS cary He Tere ect reer ah Fin SS Paar oats Carats ard Tent Ton # of Organs es Be Lc (Laue hn Pate oth Ses) E rerseny [Eps oid oo eh Comer ating r Pan [Maatisafhe

ce. eerie s wins condannian Senate pS cary He Tere ect reer ah Fin SS Paar oats Carats ard Tent Ton # of Organs es Be Lc (Laue hn Pate oth Ses) E rerseny [Eps oid oo eh Comer ating r Pan [Maatisafhe Sippy Tetst Ualngaie ey if ‘Deahing ET sta Fs hears Sa REG) Taser aT Tie caiaa tena TRU Righ OTS Toad a rit ropa AL fs z oe we: ie ftp A a ann sane Tipe? Spare Peni Far ‘Bonnie A. Nash, SCREA Sagara Ayaan oe ga Ta 7 i ‘cog LLG ary Nar Conny Aa 4 Elsworth Avenue, htoristowm, NJ O79S0 array ates {wlomonnine _aoRcoo1ei900 Bah NU Fie emnetratetin ee frat Aci INFO@SULLIVANAPPRAISALSERVICES COM reat Aare Freie WF FT Mash aS PageTaT Tara Nia ara OS WSS Fon 108402 - TOTALY accesina software ty & morte in. ~ 1400-4. ARKO

Sulvan Anoaisat Savices (2011327-0839 (Cammsiens rere Teme eee | Uniform Residential Appraisal Report ie: 21672 Te puja te samy UREN no ism pean ie REN wih mn Mor EN AMA) Gopal iain @ fe awh win @ fe Shee pape FI Me Sly Wiest Qeanne Ste yy SK oro ED rns Sondra & Sveelt Minin Gree RMR Netcom B& Sanda E Malia Gath Ease jeg Bemriion lock: 139 Lat: 14 posers Inpe¢ 2-013 1-0000-000 14-0000) Tat _2ot7 pees) __7:ai6 aT Fata Rock Tina: ascpe Tae 0177 9D Pe Ounes Cy fest Op Vice Sy 80 Was Coes mi per mont Of ray Pe al Facies) all] Oh et Psirene Tp [] Archos emit Panta aa a) penser Quicken Loans. Inc AiteS 4950 Waoriveard Ave, Detroit Ml ABZ 28 i spt ery city i toc a WT Be ah mT wT eet kyo te? OD we Pig a Suri wt, rg A OO EMS. 1s Gut 0r aS wy Roa TE $ SS Theo Conte Ty MR a Che []® tases etal asta fw hg, DAN Pa WT AT al yy Dany On ka Laon? D® oF c sick OO RL critic Uva RN if if con i a Clues Be) Sune [Jat pay is = towsiy Ded Sale] Dstt Ey eas oats ate Chae [oneaem C]ame pdntane []owsaiy | sam Ea st Cred pgsne Laur TieiyTin DQ) Uwirdnie []ieems L)owante | og Ow 9 [Mitral Pitot Bert in, Bounded by Eadie Rock Ave to the wast, Union Sito the narih, Orange Reto | 1.200 Hh ig _[Canrercit 2%. ithe east and Washington Stio the south, 385 Me 59 | ote 3% 3 ‘Neighborhood is. made up of mastly condas and single family dvellinas with some commercial croperties present an tha ig} main therortzres. throughout ihe neighborhond, Easy access fp major highways, schools, shopping and transportation adds to market appeal, “Orher" land use refers to property owned by the town or state utilized far public use (parks, schools. etc), vac Cases het prt ein cae) ‘Nerket anpears io be stable with supply and demand in batanos, SOXI0G Ha 5000 sf Siiet Rectangular Nits NizRes: Sste Tate Coosa AT Tagoeiie 4 2 Family Resieniial 5000 sf rain eg conn Se) ae) ge Pentagon Dem Cte aot, ee Wp Ue a ay ee we pil pe an RGD pS? Be Oe ia mote Tae Doe faa Toa Pale Arte Nat mw OO Stk Macadam bd cae | Mer None o_o a Sanaa He ea Oe Se wirntie x TRANS? AD TSCOLAE Tan ADO goa DOO7 a frau cand cae Forces yal fre rh a Be Le ih cate Ae eat aver She CONN RE eM chins INRA, TNE, aeRO RTE con Ow wale Lite pom fre damnte [None noted. Lillies ware on and in working condition at lime of inspection. Subject is located on a residential street with commerciat buildings Jon nearby through roads not adversely affecting

mnte [None noted. Lillies ware on and in working condition at lime of inspection. Subject is located on a residential street with commerciat buildings Jon nearby through roads not adversely affecting subject as evidenced by sufficient market data, PAT cosalalrskacl AER ey canbe PAR scl cnontal Gene ANE nasksSedeil fave 5. Om [] Chow desasny Ue] Conmansiah ——[-] Col See [rata ats Maesdice. [rns ‘Hud AGo Avg, Faso 2 [GL OL CA ‘Aluminum/Avg, [ears DrwwalAve five ok DMC) Seat Ror er I ER ‘Asphaltiivg + Timin WoodiAva leisim Cp Romar CO) Gatco Resarenimnan Pa ari THerAva Design BH) Cotoniat Tas GEE Tose Rire [india ipe DhungiAva [Eanes Tae, 1910 TO ee [SunSAAWel — YestAva sa Shr Ty tere aiaarw ABD 29 eens YosiAva Dien eds 3 Ome Peni LJnenaae 9 fpwana sui Macadam Le am Cis @ Troe? 9 CP None tee ode 0 ae Prntiy [J ower conaiy Berek Deck IACI Encksod [loot ewe ry Cleat Takahat [EI None ICT" None LI None me se Cnn Px Peivecnw HRP Rrgsoon Hep wah CJ comma | mesowns —[] Wasertger |] Oar wrt Fal ara wows pore ootas 6 Fa Pn 70 Say 7.216 Sa Ra aTanD Ny Aw ow 5 ‘None Nowa [Seas Ke snl afn prepay Fao rosie CASTOR enn aon Hg GA No updates in the priut 15 yours, Oval satiog [aca Teta ec ae heres cannons ad ck the aby wachovia Weal afte wapary? OD Be he mom I [aia te oper Quay Guin b Ke neRiahaad frcheal uly, ye, Gnainn wa cireination ae]? a an Fred Ase Ferm Fa nbwen 2005 WOVESNOZOT Page Dae Fae ue Fer 1668 Meh 2005 oer 1OGSUAD - “TOTAL” apgraisal sok wire bya ia nad, in, ~ 1 ~B00-4. ANIOOH

Uniform Residential Appraisal Report Ava 21072 freee yg ih aaa Ore a ee he Aner a ng ame Ton S apo oD Wig 795000 Tae yoy Na A Me wi NAAT aN fe pat Tis mle anja kh SB pe MR 3 90 ooo Bt 4200 FeATURE Ler CIE SAE F TPR SUE OF TOTAAL SALE 93 paws 89 Watchung Ave: 70 Whitlosey Ave [30 Park Dr S lag Park OF S fast Orange, NI O7O52 West Qrmoz. NJO705% ___|vest Qranae. Nu Oras? West reno, NI 07052 GERI SEES 55. sa Ps EE 17.000) m0 22.000 SCC sega S.A yon7g st fe ta Bato aswisisasszaepon 113 lash sesaoo9e7 DOM raeaon Sur) jai ora piel ora PACEARLETNNTE SCN TERT SELLE CescRIPTO eS Apa sees Farcrg lArmLth |Arml_th joni) {Com t) O61 7:cO4I7 OMIT OTT N:Res: Ras: [Fee Simole _|Fes Sirmpte ee Simms Foe Simpis LBODD sf MOHD sf ESO sf D240 sf a IN:Res: Ne: pes: Nes: Dean 4a IE2-Gatoniai | DF2-Colonsat DI2:Coloniat OT2Cape God a ity Chon log es loa los en ie 408 113 Ios alps 2 eam ct lc =2o.onolea, lca. 28.000) fore Gare a [ies [sae | ta) [tare | ate “ua [ee | aire ‘ie [tire | Bite pene glaiiolels3 tro els lio z13 lig a poe tasty eat 21g jaz St ql ida NL +2880 1a29 St =12.180 Rearoare JS0BsBOsin [5911298 O|5728f0sfin 0/380ssiin a pens ow Ga JOrdibrt Natio |indbrt Ohad +6.p00] +6000 Averaoe erm werane pernoe HW No G&G [Hwy No GAG: HW No CAC HWY No CAs ray enor one None None ian {Bly Lod thas =10, 000) ade Di tod tehee =10.009 [Porch Deck [ProhPatin' Deck -2.8001Porch Pato OfPorch +2:500 None Nore i Fonte =2.500/1 Finke: 2500 ueound Poot None Wore [Non Wore. 3 ED Ci* a i azmo be TT § sae] T1* pa FF 45.460 ee KE ape rr fae gq je ora mea 442% )8 z5rsogfmhi ats zzsgo[seet 211 3iF 243,840 FBR SE aS rts Ty hl (RT a TSAI Trt erent [Jo ny ene Sa arr aie ray a ee av iW aoe ae Oa ery riacib.ora RN = Ce Kee eS ees aa Sia ‘act om Qe Veo WANT any Un AGRA Bn ML es Ppa pa SA SR} Tt Sato CRUFARATE SALE COPRLEDLE SE CUPRA Ew sath Shel lozmowan Fine Sate ls190.000 xa Siero lnisctb.ore lnjacts.ona iadb.org niacti.ora Ge leqyigcap is lots 1620 $8. lors a2018 162018 pacha oN WaT Rahay Ri wine an eae aS i ak by Sak aga an Aare 240,000 ered ala ye Sona Companion AgRroRS 26,000 ___ ORR ae fldwaepaE DAT DBS __ I anahpreseh i anos [The Sales Comparison Approach is the most reliable indiosior of value as ithest reprasan|s typical buyers and sellers, The Income Approach is Rio! utilized in a predominantly owner occupied ares. Gos! Approach fs no longer saquiced by Fannia Maa is nat necessary

f value as ithest reprasan|s typical buyers and sellers, The Income Approach is Rio! utilized in a predominantly owner occupied ares. Gos! Approach fs no longer saquiced by Fannia Maa is nat necessary produce @ credible é Jerfimate of value as tha Sales Comparison Approach is considered io be tha best available indicator of value rn a a | eanekiod §— [C] adfet tetahaeing gis or atmatom an ht ek uk 9 ype conn Bek km vipa ae tone fone How campad ot [7] sjetiotte tov mylinT_iepectin tema on fe ekeayoeRy eum) tha Rc NY dha Nar fBosad ack Gangite ww Tnioectan of tha Hrke aid ements rete of the ales! popaty, daimd tap: of wwk dGiemid af alumplcn od tila Jomdiins, at appeainsrs onricten, my par} qpirtan of the mmsiet vim, as dined of thm fea propery Mat te mbpet thie repat Ie Is 240,000 __ et 04/18/2048 <__ith bx tte teat igucon ad the ata cate onal Free hive Fern 70 tren 2005 WO Vedas ett IgE Bale Fann ive Ferm 1006 Waren 2085 Foxm 1OGRAD - "TOTAL aogvaisal som ave by a Be rand, ke, ~ 1-200fe MN

Uniform Residential Appraisal Report as 072 MENTS Polegate hain test pe elon ox reson ass prt edn Bylo anv op Kaaba ada ie ag SRB ATA esiabished site value tou: oon FESTRMVTED —L_] ROPRACUSTCNGR a) RERLAECHENT O06T EW [eran oF arevaLLe wossneenaee 50m Bfsesccteni@ yarenes & Suit Joven 1g aS 721.600 f anny agian eaaraen ‘yg aimee anR OL eng SiR. 2320 C01 Ca Rach (RS Fy aac ati, dH a} TES. 15.000 Fel Cost estimates are sumportad bv cost services avalabie to ihe [oracansrt Sa - apptaiser. Land 1p value relio exceeds 50% due to the snarcity of vacant _ [Jil Estrada of Casttiw oad 160,920 [iand in ihe ares, This fs typical to the area and nas no adverse eflact an [2 Pra rancid feasiot [vale ar mar bestest ty Papecatin 53,635) oH 53,635) [Effective ana of subject is younger then real age asthe subject properiy [ratios ofimrarnat 307,285 [nas basn undated throughout the years therstore its effective age is uae aka arata trou 45,000 [considered younger (han its real ag9. [_ [tas [PRD TALEEY ceaT AA Se fe f ay es aiid SENT {is Penttlr inkl ra pert Ped Sarmany atime Aiarh Gay and fr ne me RA Ga SCSM Oia ee is dmtarutay olor nana Assan PA wee] thetnecet eset PY anti Peseta won fr PODS PLT Goats ube bvcuina @ WeHROKan Rese pmpaty enor Gling ait [tad a Poet Foe antirors is Ta ra Ter ca 3 Ta nite ea a Tas aOR the abate can fehl oa RTT LES Lp Fits wiewrenatin g§ 005 he rot cara any mutt dling we? CLD] te te Sane Pa a Ge eens, a aren RS CaN? CL® Dp Fh vastencansotanain fie hacimon ast dw aby ere? Mon LL&L] Fie deni horealemsaat ama [Ses cana anion wal nara Bete Frock tac Fearn FO Atwreh 2005 uO Version 972011 Fuge aot Fart Nur Fen 1004 fart 2005 even TOOMUAD - "TOTAL accraisal sok ware by & Brod. inc. ~ 1-20 AB IMC

Ciara rere Teese | Uniform Residential Appraisal Report mee 31072 ‘Twa spat frm is designed {9 repart an appmisat ct 2 ano-znd pmpaty or a amant proery with an sotestay ont, ‘mckving a unt in plamed unt devetopment (PUD). Th repot iam is act chsgnad Ww mgmt an appeal ata monctectered hone ar a unit i a condominium ar conperstve cbc, ‘Ths apprasa! copart is subject io te fotawing «sonpa of work, intermedi use, intenied user, dofition at mnariat wanna, sixommat at assumplians = anc limiting = condiions, and carmficetinns. Modifications, ackitions. ar deletions ty fe imtended wa, intended user, detimitn at mamet value, or aseuimetis and finiting onndtins ae mot permitted, fhe axpeoiser | may cumin «the seape af work to inciida amy atiitinnal ressamh of analysis necessary basad an me canalndty of i: appratsa? sesigament, Madiications av defetions om te certfications are aden at permitted. Howaner, addition’ ceetlications «tat da. rot consthite matkrtal attveaiions $0 this apmeainat report, auch as thane required by lw a fiaso miedo the apgraioe's: cortinéng education oar oo memberhin om aa appraiash «= amjaniitinn, are parmilied. SOOPEOF WORK: Tha soupe at wrk tor mie appraise is detned by ma curmefexty of és amma assknmant etd the ceparting requiremeets of this apraésat_ mpmet form, imeiuding tha thawing detnftan ot market voka, statement a sesumptone and Reneing eancitinns, and ceitiieations. The apmiser mat, «ss rmihirrceme (1) perio mimgietay wil inspection at fia terior and exterier wens af the mubject property, 42) ect the nneighbarhacd, (@) msnet each at the campamble ses ton at laa the tri, (4) vasoarch, verily, amt analyze data trom refuble public andar pivata onurcas, ad} mpat fis er her analysis, opinians, and sonchisims © his appratsst report. INTENDEDUSE: ‘The intended usa af ie appraise report is tor the tendanktient x weatkote the pwoperty th i te sabjent at tie aomeatsal for a merigags —tinanog transagion, INTENDED USER: The iviended tusey at iis apnmisal pam is the lencer/clint. [DEFINITION OF MARKET VALUE: The mrant pmbstie pres whist 2 prupety smut ring in campattinva ned apn maiket under il comilfans roquiin ta a far sate, the fiver and salir, gach acting) pruderty, fmowiedgrably and sssuming he prio fe not atteced my undue stents. angficst in is destin Baa CONSUTIMAMON ot 8 SAB as Gl a sponifad date ant tha passing of thle tom sethar

alir, gach acting) pruderty, fmowiedgrably and sssuming he prio fe not atteced my undue stents. angficst in is destin Baa CONSUTIMAMON ot 8 SAB as Gl a sponifad date ant tha passing of thle tom sethar ty buyer under condtions wheroty: (1) buyer ond saler am typicaily motvated: (2) ban fatisg ae wei? erred or well advised, and each acing m what he or she considas ne oor her Own beet Interest} a reacanable tna is afawed for expaswa in the apn marks, {a} nAment is made im tems of cash am UL 8. dally of i tems of financial arrsngemen's campersie Bereta; amd {8} fhe prio mapresonts the noms cxinstlration tor tha proporty sid snatiectod by speotal or aastve Sramcng wf aabs concessions gramad by anyone sasaciated «with fia sala, *Agasmmams % the camparaties must te male for sed? or crfva faincng or sake concessions. Ma ausmants are mcessary tar thasa onsts wits are normaly gail by sales as 3 rast of odin oe bw i a maiet aro, fas ous ane feodly Mianttabis since fie sear pays these casts fa wluty af siiae | ransantions. Spector craativa tevansing adjustams cab made the commcitis prapedy ty oneness tm financing teams tered oy a tint aay nettatanal fonder thal is net atesdly tvabed it the property ar ansacfon. Any adjstnact shaukd nai bo caloubiied on a mmatancal defisx tar daar cast of tbs fimncing or concwsskon tut she dofar aman at any adiustment should —anpradmato the marots ceacion % he thtanchg of omeessians bass om he appraiser's judyment, ‘STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS ‘The ecuraiser’s onfifoatin inthis paport watject the talawing = assumetions «and iting onadions: 1. Tho appraiser wil not ne responsitis tor mates af a legal natum thet affect other te property bang ampraied ar fa We MR eocent far iafcrmaton ttm he or sta became aware ot dung fa rosearen bmuned oh pedowning mS appratsst, Tha anpraiser azsunes Mat me ite & quod and markelatio asd will nat mendes any apinians about the Sta, 2. The agpraie fas provkked 8 stwich im ois appraisal mos tr show the «= aweDinse © dimensions «at the leramrvermns. Tha sketch i inctucket ony ta asaist the reader i wistisizing me progeny and understanding the agprafsers detaminaton of te sim. 3. The apprise fas exavined the wvatiatla fod) mens that are grewiciod byte Federal Emargangy © Mamagamant —Aganay (ar athor dim sowoss} and a noted im fis aepraisah reqort wheter any pak of the subject we ts

pprise fas exavined the wvatiatla fod) mens that are grewiciod byte Federal Emargangy © Mamagamant —Aganay (ar athor dim sowoss} and a noted im fis aepraisah reqort wheter any pak of the subject we ts incwad i an idouttind Spese) lool Hud Area, Bucues the sgpraiser is ono a suneyor, fe or she makes mo quirarioes, © wonress or imgied, —egardng = Ns datermina¥ion. 4. Tha agaionr wil nat give festinnny ar ager i court Decauss me or shame ay appmaisak ot the prapety in questan, niece spacitio arangamants to da sa have been mide hetorehond, a as otherwise © roquirad by ew. S. Toe apprais has oot) Sanaa replat any averse cundtins (such es maoded —emaes, deteviratinn, the preence of hazwelous wieaks, tone aubstannes, akc} atsenved dutiny me inspection ol the subject moperty ar hal he or sha hocame aware of during the scsarch volved performing the appraisal, tinlass otherwise stad «=f SS ipraisa report, tha apgmicer tan ong mawteddgn ot any iddon or uruggiarent tysizst deficiencios ar sdversa cnndiians at he Pmpomy (suchas, Buona timed, meade eagas, detertratien, tha pmsenca at tomas © wishes, taxi sfistancas, adverse evitonmentas oendiiane, e.) thet would make toa property test vavuatie, «and has assumed ist there are no such conditans amd moiwo na guaraniees «ar warns, express or iempiied. «THe apyraisor wih acta asnenisibe for any sith conivns Mat da ads oo for ay enginsemy @ sing Mat might ba wequiedd © discover whether sinh condiions edt Bocewe tha apaser is nat amet iy the tek! of envimnmental hands, fis appraisal negart crust not be cansidoed as seavitonmenat assessment gta property, 6. Toe amraiser nas ased fis or ner appraisal ener and vakinton ennclision for an anya fal is subject to satbtaniey commotion, repairs, or atemvions on he aRsunemin Met ha omyFenn, regains, ae NOTMITS «at Ae Sue FrapETy WA be pertarmed im a protessinnal mame. Frexstle Mtse Fem) 7a Aterce 2005 uD Verwan9 2011 Page gat are ae Fer 40 Asner 20105 Foxe 1OGSUAD - "TOTAL" appraisal sot byt rods, inc, - 1-800-Aé MOK